{"id":784,"date":"2016-10-26T22:25:39","date_gmt":"2016-10-26T21:25:39","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=784"},"modified":"2024-05-24T15:38:22","modified_gmt":"2024-05-24T14:38:22","slug":"pierres-fishy-mid-week-update-26-october-2016","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/pierres-fishy-mid-week-update-26-october-2016\/","title":{"rendered":"Pierre’s Fishy mid week update – 26 October 2016"},"content":{"rendered":"

\"bigstock-118187675\"Good morning everyone<\/span><\/p>\n

Hope you are all well and healthy.<\/span><\/p>\n

Nasty moves yesterday on the GBP\/Dollar and GBP\/JPY and some of the other GBP pairs. <\/span><\/p>\n

Best advice in my book on these pairs will be to stick with the main trend……..SHORTS !! \u00a0\u00a0<\/strong><\/span><\/p>\n

Ok time for a market update and a mid week joke:<\/span><\/p>\n

 <\/p>\n

Yesterday I took a counter trade with a forward order on the Dollar Index. The original stop 25 with a potential 61 pip gain.<\/span><\/p>\n

Reasons I took it:<\/strong><\/span><\/p>\n

1) 99.00 level<\/span><\/p>\n

2) WR1 pivot<\/span><\/p>\n

3) MACD Divergence<\/span><\/p>\n

4) Overbought stochastic with divergence.<\/span><\/p><\/blockquote>\n

\"a\"<\/span><\/p>\n

A) Mid week Birthday Boy<\/u><\/strong><\/span><\/p>\n

A man goes into a fish’n chip shop with a salmon under his arm and asks, ‘Do you sell fish cakes here?’<\/span><\/p>\n

‘No,’ came the reply.<\/span><\/p>\n

‘Shame, it’s his birthday.’ \ud83d\ude42<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

B) Mid week update: <\/u><\/strong><\/span><\/p>\n

1) Euro Index on the 4 hour chart:<\/u><\/strong><\/span><\/p>\n

Price pulled back nicely to our short zone and currently finding resistance at the weekly main pivot at 100.85. I will prefer if we can go visit the 200 and 55 EMA at 100.93 where I will look to short from.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

2) Euro\/Dollar on the 4 hour chart: <\/u><\/strong><\/span><\/p>\n

Still in no man’s land. I will prefer if we can pull back to the 55 EMA at the 50% fib at 1.0949 where I will re look to short from.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

3) Euro\/Dollar on the 4 hour chart: <\/u><\/strong><\/span><\/p>\n

Yesterday price pulled back nicely to our short zone. Price touched the 55 EMA at 113.76 and dropped back. This is key resistance level for me….so while it holds my bias will be to look for short set ups. If we do break it to the upside for some reason….I will re look from the 200 EMA at the 755 fib at 114.14 to short.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

4) Euro\/GBP on the daily chart:<\/u><\/strong><\/span><\/p>\n

Still in no mans land for me….I will prefer if we go visit the 200 or 55 EMA`S at 0.8805 and 0.8743 at the 50% fib area.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

5) GBP\/Dollar on the 4 hour chart: <\/u><\/strong><\/span><\/p>\n

Big drop yesterday and we made a new low so we have to follow it with the fib to get the adjusted short zone. I will re look once we get to the 1.2258\/65 levels at the 50% fib to short<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

6) GBP\/JPY on the 4hour chart: <\/u><\/strong><\/span><\/p>\n

We broke that 75% fib I showed you yesterday at 127.68 a little to the upside but missed the short area I called at the 128.00 level with 4 pips. Price dropped like a stone from here. Sitting on my hands with this one for now…..will re look to short from the 128.00\/05 level again.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

7) Aussie\/Dollar on the 4 hour chart: <\/u><\/strong><\/span><\/p>\n

We had a big rally from that 0.7600 and 505 fib area and this one is currently 117 pips up. I will keep an eye now on a counter short from 0.7700 and 0.7734 ( last week’s high area)<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

8) Aussie \/JPY on daily chart: <\/u><\/strong><\/span><\/p>\n

Currently we braking the 80.00 and 200 EMA to the upside…..but I am not comfortable with a M2 long………as we have stochastic divergence and MACD divergence showing up.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

9) Dollar\/JPY on the 4 hour chart: <\/u><\/strong><\/span><\/p>\n

Big spike past the WR1 pivot at 104.47 but burned big time at 104.86 and dropped back to under the WR1 pivot. We made a new high so we have to follow it with our fib to get the adjusted trading zone for the rest of the week…….I will keep an eye on the 55 EMA at 103.91 and the weekly main pivot at 103.82 for possible long set ups.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

10) Dollar\/CAD on 4 hour chart:<\/u><\/strong><\/span><\/p>\n

Still in no man’s land. I will prefer a pullback to at least 1.3257 where we have the 55 EMA waiting…….however main area of support for me will be in the trading zone at the 200 and daily 55 EMA at 1.3178\/58<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

11) Dollar Index on the 4 hour chart: <\/u><\/strong><\/span><\/p>\n

This one also made a spike to the WR1 pivot and made a new high so we had to follow it with our fib to get the adjusted long zone. I will re look for support at 98.36 and 98.19 where we have resistance for possible long set ups.<\/span><\/p>\n

…………………………………………………………………<\/span><\/p>\n

Pierre<\/span><\/p>\n

If you would like to learn how to trade like a professional check out our 5* rated forex mentor program, RISK FREE; by clicking on the \u201cGet Started Today\u201d Button below<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning everyone Hope you are all well and healthy. Nasty moves yesterday on the GBP\/Dollar and GBP\/JPY and some of the other GBP pairs. Best advice in my book on these pairs will be to stick with the main trend……..SHORTS !! \u00a0\u00a0 Ok time for a market update and a mid week joke:   […]<\/p>\n","protected":false},"author":35,"featured_media":813,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","rank_math_focus_keyword":"","rank_math_description":"Pierre's Fishy mid-week update: GBP pairs volatile. Consider Dollar Index counter trade. Market analysis and a mid-week joke.","rank_math_title":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-articles"],"_links":{"self":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/comments?post=784"}],"version-history":[{"count":1,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/784\/revisions"}],"predecessor-version":[{"id":219496,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/784\/revisions\/219496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media\/813"}],"wp:attachment":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media?parent=784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/categories?post=784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/tags?post=784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}